We saved 70% of jobs affected by banking crisis – Nana Addo

President Nana Akufo-Addo has said about 3,500 jobs were salvaged from the banking crisis that hit Ghana’s economy.

In his encounter with the media on Wednesday, he said customer deposits worth GHc 10 billion had also been saved so far.

“The decisions taken by the Bank of Ghana and the financial support government provided through the establishment and funding of Consolidated Bank Ghana Limited ensured that the deposits of more than 1.5 million customers with deposit values of GHc10 billion and about 70 percent of the 5000 jobs in the affected banks were saved.”

The Consolidated Bank was to part way with about 1,700 of its staff adopted after the collapse of five banks.

The affected workers were to include 700 mobile bankers of the erstwhile Beige Bank, while 1,000 are former employees of the Royal Bank, the Construction Bank, uniBank and the Sovereign Bank.

The collapse of these banks followed that of UT Bank and Capital Bank in 2017.

The President acknowledged that “the failure of the seven banks came at a cost to the Ghanaian taxpayer and staff of the affected banks.”

But he said this was necessary “to alleviate the severe adverse outcome that could have occurred.”

“It is important that the cost of these interventions, that were borne by taxpayers are recovered to the extent possible through recovery from debtors, shareholders and related and connected parties, who took money from the defunct banks.”

President Akufo-Addo also revealed that GHc 400 million had been so far recovered following the collapse of UT Bank and Capital Bank.

“The receivership processes are ongoing, and the receivers are making great strides in their recovery efforts. Amounts in excess of GH¢400 million have so far been recovered by the Receivers of the 2 banks [UT Bank and Capital Bank] closed last year.”